Submitted By: Cindy Krepps
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Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
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Adopt Budget Resolution 2024-129 amending the Fiscal Year 2023-24 budget to provide a supplemental appropriation to reconcile cash balance forward accounts and for the continuation of projects not completed in Fiscal Year 2022-23 in the amount of $122,933,979
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
At the end of Fiscal Year 2022-23, the City had outstanding purchase orders for goods and services for which vendor invoices had not yet been received. Under existing accounting procedures, these purchase orders were carried forward into the current fiscal year.
Departments requested re-appropriation of unencumbered funds for specific projects in various stages of completion at the end of Fiscal Year 2022-23, including capital improvement projects.
Budgeted Fiscal Year 2023-24 cash balance forward accounts must be reconciled to ending Fiscal Year 2022-23 balances with the closing of the prior fiscal year.
FINDINGS AND CONCLUSIONS:
At the end of Fiscal Year 2022-23, departments were in various stages of completion for planned capital improvements and approved contractual relationships. A line-by-line detail is attached as an exhibit. The carry forward of funds will allow for the continuation of these projects.
FISCAL IMPACT:
$122,933,979 is available and requested for re-appropriation from Fiscal Year 2022-23 to Fiscal Year 2023-24 to complete projects that were budgeted in the prior fiscal year; to support new areas that have evolved since the budget was adopted; and to reconcile cash balance forward accounts for all funds.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
N/A
ALTERNATIVE:
None.
BUDGET RESOLUTION 2024-129
A RESOLUTION AMENDING THE FISCAL YEAR 2023-24 BUDGET TO PROVIDE A SUPPLEMENTAL APPROPRIATION TO RECONCILE CASH BALANCE FORWARD ACCOU...
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